Established the Federal Deposit Insurance Corporation, ensures that if a bank goes under, you still have your money

1970’s (regarding banking):

Congress relaxes restrictions on banks

1982 (regarding banking):

Congress allows S&L banks to make high risk loans and investments; investments went bad, banks failed; federal government had to give investors their money back; federal government debt: $200 billion; the FDIC took over the S&L

1999 Gramm-Leach-Bliley Act:

Allows banks to have more control over banking, insurance and securities

Cons: less competition, may form a universal bank; may lead to more sharing of information , which caused the reduction of privacy